In 2023 Apple is experiencing a highly successful year in India, achieving remarkable sales figures for its products. Notably, the company has opened two retail outlets in Mumbai and New Delhi, both of which have been performing exceptionally well. As a result india has now become the fifth largest market for Apple globally surpassing countries like Germany and France in iPhone sales, as reported by CNBC, quoting Counterpoint Research for data from the June quarter. Read More Business News on our website.
Despite these impressive achievements, Apple’s overall market share in India remains relatively low, standing at 5.1% though it has seen a growth from the previous year’s 3.4%. In the June quarter India’s contribution to Apple’s total iPhone sales reached approximately 4%, indicating significant progress. The premium smartphone market in India has been expanding, with smartphones priced above $400 accounting for 10% of the total market, up from the pre-Covid-19 figure of 4%. While brands like Xiaomi and Samsung dominate the budget and mid-range segments Apple continues to lead in the premium smartphone category.
Recognizing the potential of the Indian market, Apple plans to increase its device assembly operations in the country, as indicated by various reports. Analysts, such as those at Morgan Stanley, predict that India will become an even more substantial market for Apple in the coming five years.